I was at my local sheep farm the other day, buying sock yarn, and the owner was telling me about one of her customers who makes sort of matching scarves with sock yarn. She double strands with a dk weight and gets a nice effect. I personally haven't seen it, but it sounds nice. You might be able to save up leftovers from a few and make a multi-colored scarf or hat using that idea.
I'm keeping lots of bits - oh, hell, who am I kidding - I'm buying lots of oddballs too :aww: - to make a wrap of some sort. I keep seeing these in nice wraps in lys done in lots of different yarns - different textures, weights, ect, and I want to do something like that.
I like your idea too - I cna't comment on entrelac as I've never done it, and colorwork sort of scares me:shifty:. Just go for it - you can always rip it out.